July 23, 2019 / 5:41 AM / 2 months ago

India Ratings for Indian debt instruments – Jul 23

    Jul 23 (Reuters) - Below are the ratings awarded by India Ratings and Research Private Ltd
(India Ratings), formerly known as Fitch Ratings India for local debt instruments as of
July 22, 2019.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
                                                                       (RS.MLN)
------                          ----------             ------          ------   ---------
SHORT TERM RATINGS
-------------------
Afflatus Gravures Pvt Ltd       Non-FB WC limits       IND A3+          51       Affirmed
(increased from INR50 mlns)
Alpine Distilleries Pvt Ltd     Non-FB limits          IND A4+          9.5
(Migrated to non-cooperating category,Issuer did not cooperate)
Liberty Oil Mills Ltd’S         Non-FB WC facility     IND A4+          7120     Downgraded
(reduced from INR7,800 mlns)
Poddar Global Pvt Ltd           Non-FB WC limit        IND A2+          800      Affirmed
Ranasaria Poly Pack Pvt Ltd     Non-FB Fac             IND A4+          50
(Migrated to non-cooperating category,Issuer did not cooperate)
Sgr Exim Pvt Ltd                Non-FBL                IND A4           86
(Affirmed and maintained in non-cooperating category/Issuer Not cooperating)

LONG TERM RATINGS:
-------------------
 B.D. Memorial Institute        Bk loans               IND BBB-         95.07    Affirmed
(reduced from INR162.76 million)
Afflatus Gravures Pvt Ltd       TL                     IND BBB          799      Affirmed
(reduced from INR900 mlns)
Afflatus Gravures Pvt Ltd       FB WC limits           IND BBB /IND A3+ 350      Affirmed
(increased from INR250mlns)
Alpine Distilleries Pvt Ltd     FB limits              IND BB           91
(Migrated to non-cooperating category,Issuer did not cooperate)
Alpine Distilleries Pvt Ltd     TL                     IND BB           622.7
(Migrated to non-cooperating category,Issuer did not cooperate)
Ar Landmark Llp’S               Proposed LT loan       Provisional IND  90
                                                       B+
(Migrated to non-cooperating category,Issuer did not cooperate)
Blue Jay Finlease Ltd           Bk loans               IND BBB-         500      Assigned
Hindustan Petroleum Corporation Proposed NCDs          Provisional IND  20000    Assigned
Ltd                                                    AAA
International Management        TL                     IND BBB-         285.95
Institute’S
(Maintained in non-cooperating category; (Issuer Not Cooperating)
Liberty Oil Mills Ltd’S         FB WC facility         IND BB+ /IND A4+ 1300     Downgraded
(reduced from INR1,500 mlns)
Magma Fincorp Ltd               NCDs                   IND AA-          2350     Affirmed
Magma Fincorp Ltd               LT Bk loans            IND AA-          2880     Affirmed
(reduced from INR3,730 mlns)
Meghaaarika International Pvt   Non-FB WC limits       IND BB- /IND A4+ 430      Affirmed
Ltd
Meghaaarika International Pvt   Fund -based WC limits  IND BB-/IND A4+  100      Affirmed
Ltd
Poddar Global Pvt Ltd           FB WC limit            IND BBB+ /IND A2+400      Affirmed
(reduced from INR610 mlns)
Prashanthi Ayurvedic Centre     FB WC limits           IND BB-          18
(Migrated to non-cooperating category,Issuer did not cooperate)
Prashanthi Ayurvedic Centre     TL                     IND BB-          6.81
(Migrated to non-cooperating category,Issuer did not cooperate)
Privilege Trust Series          Pass-through           Provisional IND  2291.4   Assigned
                                certificates           AAA(SO)
                                (PTCs)-Series A*
* The final rating is contingent upon the receipt of the final documents conforming to the
information already received. The pool of loans to small businesses secured by property
mortgages to be assigned to the trust has been originated by Shriram City Union Finance Limited
(SCUF; originator or seller; ‘IND AA’/Stable).
Ranasaria Poly Pack Pvt Ltd     FB Fac                 IND BB+ / IND A4+200
(Migrated to non-cooperating category,Issuer did not cooperate)
Safi Traders                    FB Fac                 IND BB /IND A4+  590      Upgraded
                                                                                 /Reaffirmed
 (increased from INR470 mlns)
Sembcorp Energy India Ltd       TL                     IND AA-          44604.1  Affirmed
Sembcorp Energy India Ltd       External commercial    IND AA-          -        Affirmed
                                borrowings
Sembcorp Energy India Ltd       WC Fac                 IND AA-          20500    Affirmed
Sembcorp Energy India Ltd       Non-FB Fac             IND AA-          596      Affirmed
Sembcorp Energy India Ltd       TL                     IND AA-          29473.3  Assigned
Sembcorp Energy India Ltd       WC Fac                 IND AA-          11000    Assigned
Sembcorp Energy India Ltd       Non-FB Fac             IND AA-          14000    Assigned
Sembcorp Gayatri Power Ltd      Rupee TL               WD               29774.3  Withdrawn
Sembcorp Gayatri Power Ltd      WC Fac                 WD               11000    Withdrawn
Sembcorp Gayatri Power Ltd      Non-FB (BG) facility   WD               14000    Withdrawn
Sgr Exim Pvt Ltd                FB limits              IND C            32
(Downgraded and maintained in non-cooperating category/Issuer Not cooperating)
-----------------------------------------------------------------------------------------------
Note:- All Indian National-scale ratings previously assigned by Fitch have been transferred to
India Ratings & Research Private Ltd (India Ratings), which is a wholly owned subsidiary of the
Fitch Group. The withdrawn criteria are now available on India Ratings' website at
www.indiaratings.co.in

$: Rating watch with positive implication
#: Rating Watch with Developing implications
@: Rating Watch with Negative Implications
%: Rating under Credit Watch
wd -Rating Stands Withdrawn
sp -Rating Suspended
pp -Principal Protected
pn -Principal Not Protected

INDIA RATINGS may apply + or - signs for ratings to reflect a comparative standing within the
category.

BG-Bank Guarantee; CC-Cash Credit; CCPS-Cumulative Convertible Preference Share; CD-Certificate
of Deposit; CLO-Collateralized Loan Obligation; CPA-Claims Paying Ability; CP-Commercial
Paper; CPS-convertible preference shares; CRPS- Cumulative Redeemable Convertible Preference
shares; DDB-Deep Discount Bond; EPBI-Exchange premium bond; FBL-Fund Based Limits; FRB/FRN
-Floating Rate Bond/Note; ICD -Inter Corporate Deposit; ITD-Immediate Term Debt; LOC-Letter of
Credit; LT -Long Term; LTB -Long Term Borrowing; LTD -Long Term Debt; MOCD-multiple option
convertible debenture; MTD -Medium term Debenture; MTN-medium term notes; NCD(SO) -
Non-Convertible Debenture-(Structured Obligation); NCD-Non-convertible Debentures; NCRB-Non
Convertible Redeemable Bonds; NM-Not Meaningful; OCD-optionally convertible debenture; OD-Over
Draft; OFCD-Optionally Fully Convertible Debenture; PCD-Partially Convertible Debenture;
PCN-partly convertible notes; PCPS-Partly Convertible Preference Share; POCD-partly optional;
PP-privately placed; PSPC-Post Shipment & Packing Credit; PS-Preference Shares; PTC-Pass
Through Certificates; RPS-Redeemable Preference Shares; SCPN-secured convertible preference
notes; SDO-Structured Debt Obligation; SLR-Statutory Liquidity Ratio; SO-Structured
Obligation; SPCD - Secured Partly Convertible Debentures; SPN-secured premium notes; STB-Short
Term Bond; STD-Short Term Debentures; ST-Short Term; Sub. Bonds-Subordinate Bonds; TB-Taxable
Bond; TFB-Tax Free Bond; TL-Term Loan; TOCD-triple option convertible debentures; RWN- Rating
Watch Negative;
RWN- Rating Watch Evolve.

(Mumbai Rate Reporting Unit + 91 22 6180 7222 / 3317 7222, E-mail at
rru.data@thomsonreuters.com)
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below